Consolidation journal entries for this adjustment

Kindly assist with detailed explanation of the effect of the below adjustment in the consolidated FS.

“On 1 December 20X0, Traveler acquired 80% of the equity interests of Captive for a consideration of $541
million. The consideration comprised cash of $477 million and the transfer of non-depreciable land with a
fair value of $64 million. The carrying amount of the land at the acquisition date was $56 million. At the year
end, this asset was still included in the non-current assets of Traveler and the sale proceeds had been
credited to profit or loss.
At the date of acquisition, the identifiable net assets of Captive had a fair value of $526 million, retained
earnings were $90 million and other components of equity were $24 million. The excess in fair value is due
to non-depreciable land. This acquisition was accounted for using the partial goodwill method in accordance
with IFRS 3 (Revised) Business combinations.”